Bitcoin, Ethereum, Ripple, and Major Coins Drop 5%; Crypto Market Loses $9 Billion

The cryptocurrency market has lost over $9 billion over the past 24 hours as the valuation of the market dropped to $233 billion. Major cryptocurrencies including bitcoin, Ethereum, Ripple, Bitcoin Cash, and others dropped by more than 5 percent.

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Bloodbath
Yesterday, CCN reported that a downtrend is expected due to the low volume of bitcoin and Ether, the native cryptocurrency of the Ethereum blockchain protocol. CCN’s report read:

“At this rate, the bitcoin price could dip as low as $5,800 in the short-term, especially if the daily volume of BTC does not spike by a large margin in the next 24 to 48 hours.”

The market has followed the price trend outlined by CCN’s price report on June 28, mostly because the volume of bitcoin, Ether, and other major digital assets failed to recover. As of June 29, the volume of bitcoin remains below $4 billion and the volume of Ether remains below $1.5 billion. It is higher than their volume on June 28, but it is still not enough to push the market upwards in the short-term.

Briefly, the price of bitcoin dipped below the $5,800 mark to $5,780 in most major markets including USD, JPY, KRW, and USDT. Since then, likely triggered by the low Relative Strength Index (RSI) of BTC which signified an oversold condition, the price of BTC has rebounded by a hundred dollars, to $5,900.

Still, the volume of BTC remains significantly lower than its volume in early June and if the volume of major digital assets fail to spike 10 to 20 percent in the next 24 hours, another short-term downtrend is expected.